Donald Trump would like us to believe that he’s a self-made billionaire, but that’s far from true. Despite what the GOP frontrunner may claim, his success would have been in no way possible without his father.
On Monday, Trump said his father gave him a “small loan of a million dollars” that he had to repay with interest at the start of his career, according to Politico.
“Oh many times. I’ve been told no by him. My whole life, really has been a no,” the hotel magnate said during a town hall event in Atkinson, New Hampshire.
“It has not been easy for me. It has not been easy for me. I started off in Brooklyn. My father gave me a small loan of a million dollars,” Trump remarked. “I came into Manhattan, and I had to pay him back, and I had to pay him back with interest. But I came into Manhattan and I started buying properties, and I did great.”
The horror of having to pay money back!
NBC’s Matt Lauer followed up on Trump’s “small loan” remark: “By the way, let’s just put this in perspective, you said it hasn’t been easy for you, but my dad gave me a million-dollar loan. That probably is going to seem pretty easy to a lot of people.”
“You’re right, but a million dollars isn’t very much compared to what I’ve built,” Trump countered. “I mean, I’ve built one of the great companies, but it’s always been, you know, you can’t do this, you can’t do that.”
Alternet reported in 2012:
In 1974 Donald Trump became president of his father’s organization. During the 15 years following his ascension, he expanded and innovated the corporation, buying and branding buildings, golf courses, hotels, casinos, and other recreational facilities. In 1980 he established The Trump Organization to oversee all of his real estate operations.
Trump eventually found himself in serious financial trouble. In 1990, due to excessive leveraging, The Trump Organization revealed that it was $5 billion in debt ($8.8 billion by some estimates), with $1 billion personally guaranteed by Trump himself. The survival of the company was made possible only by a bailout pact agreed upon in August of that same year by some 70 banks, allowing Trump to defer on nearly $1 billion in debt, as well as to take out second and third mortgages on almost all of his properties. If it were not for the collective effort of all banks and parties involved in that 1990 deal, Trump’s business would have gone bankrupt and failed.
Sure, the struggles of being born the son of a wealthy real estate tycoon must be hard. The sads he must have felt as a child must have been overbearing on his poor little shoulders.
Not only has Donald Trump endured the tragedy of a posh youth while attending private schools and been afforded economic security which most of us couldn’t possibly imagine, but he was eventually gifted with an inheritance worth an estimated $40 million to $200 million.
And yet, Trump is a serial-bankruptcy filer.
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H/T: FON’s mod and tipster @Edmeyer_able, with thanks.
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